How Insurtech Companies are Filling the Gap in a Tight Labor Market
In a post-pandemic environment, the insurance industry has recovered well. In fact, the industry as a whole has experienced such significant growth since COVID-19 that 95% of insurance businesses surveyed said they plan on increasing staff over the next 12 months, according to the latest Insurance Labor Market Study, conducted in part by The Jacobson Group.
The challenge, however, is that with a record number of job openings, many insurance entities are struggling to fill positions. Of the companies surveyed, nearly 50% stated that their ability to recruit and retain qualified staff is worse today than it was 12 months ago.
To help fill the gap, insurtech companies are leveraging technology and innovative approaches to help streamline insurance organizations (particularly in a tight labor market) by:
- Automating processes
- Enhancing data analytics
- Improving customer experiences
- Integrating modern technology into existing systems
When done right, workflows that are fully automated can effectively deliver unlimited capabilities – minus the hassle and expense of hiring an army of software developers and additional administrative staff, and without having to train agents and service teams.
In addition, streamlined workflows can free up existing employees’ capacity, allowing them to focus on activities of higher value – such as customer service. Advanced automation solutions can handle repetitive and time-consuming tasks, and can be applied to various areas such as claims processing, underwriting, policy administration, and customer support.
It’s hard to say just when the staffing shortage in the insurance industry may turn around. In the meantime, thanks to modern technology and the ability to establish automated workflows, insurance organizations don’t have to sit on the sidelines and watch the competition move forward with new business initiatives simply because they lack qualified staff.
Taking advantage of today’s insurance workflow solutions does not require onboarding an entire IT team. Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our modern solution makes your life easier by automating the submission, rating, quoting and binding process for all property and casualty insurance products.
About Surefyre Inc.
Surefyre is a highly configurable insurance automation platform and agency portal focused on digital distribution and automated workflows. Our application program interface platform makes your life easier by automating the submission, rating, quoting, and binding process for all P&C insurance products.
To learn more, please contact Shawn Gonzales, adviser and account executive, at firstname.lastname@example.org or 415-480-9283.
Subscribe to our email list at surefyre.co/#subscribe to receive monthly insurance automation tips!